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Hey pal, want to buy a condo?

4 minute read
By TD Bank Group
• May 4, 2009
TD Canada Trust 2009 Condo Poll Shows Canadians Believe It's a Buyer's Market TORONTO, May 4 /CNW/ - In a buyer's market, if you can't go it alone, find a good friend. The results of the 2009 TD Canada Trust Condo Poll show that the perceptions of the condo market have improved significantly over 2008 with 44% of urban Canadians believing the current conditions have improved for buying a condo as an investment (versus 21% in 2008). Why? Respondents say it is a buyer's market and condo prices are declining. If they can't afford to buy one on their own, 43% are willing to consider a joint purchase with a friend or relative to make the condo purchase possible. "For Canadians looking to purchase their first residence or make a long-term investment, condos offer a lower maintenance and lower-cost alternative to houses," says Joan Dal Bianco, Vice President, Real Estate Secured Lending, TD Canada Trust. "This is a good time to explore a condo purchase given that mortgage rates are very attractive right now and many condos have dropped significantly in price." WHY BUY A CONDO? The 2009 TD Canada Trust Condo Poll showed that the top reason urban Canadians would consider a condo purchase is because condos require less maintenance than houses (39%). The second most popular reason is that condos are more affordable than houses (21%). Not surprisingly, in Vancouver, where housing costs have traditionally been high, the responses differed from the rest of Canada, with 35% of Vancouver respondents citing affordability as the top reason for a condo purchase. HOW MUCH ARE CANADIANS WILLING TO SPEND? While 44% of survey respondents believe the current conditions for buying an investment condo are better than a year ago, versus just 21% agreeing with that statement in 2008, the amount Canadians are willing to spend has remained consistent. For a two bedroom condo, 82% say that they would be willing to pay less than $400k (compared to 84% in 2008). Prospective condo buyers continue to want to keep their costs low with 83% saying they would pay less than $400 per month in condo fees (compared to 84% in 2008). "I imagine there are many people who believed just a year ago that they would not be able to get in to the housing market -- and now current market conditions are allowing them to reconsider their options," says Dal Bianco. "Low interest rates, affordability, the range of condo options and amenities make a condo an attractive purchase for many Canadians." WHAT DO CANADIANS WANT? Ninety-seven per cent of survey respondents chose low condo fees as their top condo feature or amenity, followed closely by good security at 96%. An energy efficient building is also important (93%), as is attractive design (95%). A brand new condo climbed the list of important features in 2009 with 58% selecting it as very or somewhat important compared to 45% selecting it in 2008. TD CANADA TRUST CONDO POLL - OTHER FINDINGS - Parking is a driving force in deciding whether or not to purchase a particular condominium. Calgarians were most likely to not want to purchase a particular condominium because there is no parking (87% versus 75% nationally). Torontonians were the least concerned about parking (72%) - Vancouver residents are more willing to raise a family in a condominium (43%) while residents of Montreal and Halifax are least likely to consider a condo as a family option (24% and 26% respectively) - Those in Halifax are more likely than other urban Canadians to purchase a condominium because they are approaching retirement (24% versus 17% nationally) - Vancouver and Calgary residents are most likely to purchase a condominium for the reason that they are more affordable (35% and 23% respectively). People in Halifax are least likely to purchase a condo for this reason (6%) - Montrealers are willing to pay the least in condo fees with 60% willing to pay less than $200 in monthly condominium fees. Torontonians will pay the most in monthly condominium fees with 72% willing to pay more than $200 a month - Residents of Calgary, Toronto and Vancouver are most likely to consider owning a condo as an investment (that is not their primary residence) and residents of Montreal and Halifax are least likely ABOUT THE 2009 TD CANADA TRUST CONDO POLL The 2009 TD Canada Trust Condo Poll was conducted through interviews with 200 adult Canadians in each of Greater Vancouver, Calgary, Greater Toronto Area, Metropolitan Montreal and Halifax, to understand condominium choices among residents in Canada's urban centres. The survey was conducted by Angus Reid Strategies between March 30 and April 7, 2009. The sample size includes 1,000 men and women. About TD Bank Financial Group The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group. TD Bank Financial Group is the sixth largest bank in North America by branches and serves approximately 17 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking through TD Banknorth and TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks among the world's leading online financial services firms, with more than 5.5 million online customers. TD Bank Financial Group had CDN$585 billion in assets on January 31, 2009. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges. For further information: Carolyn Abbass/Jennifer Meneses, Paradigm Public Relations, (416) 203-2223, cabbass@paradigmpr.ca/jmeneses@paradigmpr.ca; Tashlin Hirani, TD Bank Financial Group, (416) 982-3375, Tashlin.hirani@td.com

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